At the start of the new monthly trading session, Bitcoin price soared above $48,000, showing great strength. Although the bears are trying hard to contain the rally, buying pressure continues to mount, suggesting that prices may maintain healthy gains in the coming days. The broader or traditional financial markets have a significant impact on the cryptocurrency space. They are sending a massive bullish signal, which is the most important factor for a bull market.
Global liquidity, or global M2, is a measure of the money stock in the United States, which includes currencies and coins held by non-public banks, deposits (both small and large), shares of personal money market mutual funds, etc. It will be. These levels are primarily due to the presence of currencies available in the world financial system. Major central banks tracked by Global M2 include large banks in the US, China, EU, UK, Japan, Canada, Russia, and Australia.
Looking at tobitcoin, the global M2 level reached a high of $93 trillion a few days ago and is now on the verge of marking a new ATH, which could be the most bullish factor for BTC price .
Rising levels indicate that central banks are making more money available to the global financial system by cutting interest rates and implementing quantitative easing. While you have more money to spend, your chances of investing in assets like Bitcoin also increase. Historically, Bitcoin bull markets have coincided with rapid expansions in global liquidity. BTC is believed to have the potential to replace the existing banking system, so its price is expected to rise.
Currently, BTC price has plummeted from highs above $48,000 to levels near $47,000 and is facing a bearish move. After printing several large bullish candlesticks, we expect the bulls to face some degree of fatigue. Therefore, the Bitcoin price is expected to remain calm for a while before recovering in a bullish trend and reaching the interim milestone of $50,000.
